What is Information Governance and why is it so valuable?

Today Businesses are facing with explosive growth in the volume and diversity of data they collect, store and process. Unfortunately, many of them do not know what types of data they have and what their value is, so they can’t get a handle on it. As a result, they often suffer serious legal, financial, and reputational setbacks. Adequate information governance avoids such a fate.

What is information governance?

Information governance is the process of managing information resources. It requires implementing policies, procedures, and technologies that balance ease of use and security.

The most widely accepted definition of information governance is that of Gartner. This describes information governance as “the specification of decision-making rights and the framework of responsibility to ensure appropriate behavior in terms of evaluation, creation, storage, use, archiving and deletion of information. This includes the processes, roles, policies, standards, and indicators that enable information to be used effectively in order for the organization to meet its objectives ”.

Information governance processes govern the use of documents containing information, including about employees and customers, as well as patient health records and intellectual property. In the organization, those charged with information governance should create policies with managers and other stakeholders that specify how employees treat information resources.

What is the difference between data governance and information governance?

Data governance and information governance are often confused. Yet while both are important to the achievement of an organization’s business objectives, and although they share common characteristics, they are not necessarily the same. Let’s look at the main differences between their objectives, scope, and activities, starting with information governance.

Information governance aims to derive business value from data resources. The Information Governance plan defines information governance as “the activities and technologies used by organizations to maximize the value of their information while minimizing the associated risks and costs”.

On the other hand, Data governance is concerned with the control of information at the level of operational units, in order to ensure its accuracy and reliability. Data governance programs incorporate procedures for managing data availability, integrity, ease of use, and security.

To illustrate these differences, here are some examples of activities related to these two areas. Data governance activities include metadata management, data architecture, data operations, data management, master data, and data quality. Information governance, on the other hand, focuses on the management of the organization’s data lifecycle. Therefore, It includes processes and activities such as the exchange of personal information, the protection of data confidentiality, information governance compliance audits, IT forensics, and the document retention schedule.

While data governance is the responsibility of the IT department, information governance covers a wider field. It helps meet compliance requirements and business needs regarding the use and retention of data. Therefore, information governance is a strategic discipline constituting an important part of corporate governance. By applying data governance and information governance together, it is possible to adopt information management practices that provide greater business value.

Why is information governance important?

Due to its novelty, its role in business processes raises many questions. Why is information governance of paramount importance? A well-implemented information governance program addresses several challenges and gives organizations the opportunity to:

Meet operational needs and achieve strategic objectives and priorities, which vary according to organizational culture, level of stakeholder engagement, and available resources

Comply with regulations and reduce costs associated with penalties

• Avoid data breaches
• Improve return on investments in business intelligence
• Reduce the technological costs of storage and computer investigation (eDiscovery)
• Improve data analysis capabilities
• Control the proliferation of systems and IT outsourcing
• Educate employees about information governance policies

What regulations concern information governance?

Many governments and industry regulations have data security, data retention, and document management requirements that can affect your information governance strategy. Here are some of the main laws that any organization operating in the United States should be aware of:

• Sarbanes — Oxley Act of 2002 (SOX) — This essential regulation standardizing document management practices applies to all public companies in the United States, without exception. It requires that controls be put in place for the company’s financial documents, as well as risk mitigation processes. It also stipulates that company documents must be kept for at least five years.
• Health Insurance Portability and Accountability Act (HIPAA) — This law applies to healthcare providers, health information organizations, and entities and business partners that store, transmit, or manage protected health information. It requires them to control access to health information, provide audit trails for electronic health record systems, and ensure the confidentiality and security of protected electronic health information.
• Gramm-Leach-Bliley Act (GLBA) — This law requires financial institutions to protect the non-public personal information of their customers. Financial documents must be properly protected and, when they are no longer useful, they must be destroyed so that no one can access them.
• Federal Records Act (44 USC 31) and other statutes — These statutes require federal agencies to create records that attest to their activities, classify records for safe storage and efficient retrieval, and dispose of records in an efficient manner. appropriate.

Other regulations that may affect your information governance strategy include:

• Foreign Account Tax Compliance Act ( FATCA )
• Payment Card Industry Data Security Standard ( PCI-DSS )
• Federal Rules of Civil Procedure

Information security governance risk and compliance management support

With this approach to safety, it is necessary to have a definition of risk related to the goal. This goal can be at a strategic level, or it can be a subgoal, which contributes to the fulfillment of the first. The other novelty of my notion of risk is that the asset, which plays a role in meeting the goal, is also expressly displayed. Therefore, my risk is a value, which is assigned to a couple of corporate assets, and the operational objective is a goal of the company’s operations.

The risk is directly proportional to:

• The strategic or business importance of this asset, in the pursuit of the operational objective. This is the so-called “distance” of the asset with respect to the goal.
• The probability of the occurrence of an event that threatens the use of the asset by the business.
• The vulnerability of this asset.

Conclusion

Information governance creates tremendous value and benefits, especially with the development of data warehouses and increased regulatory oversight. Designing and implementing an effective information governance strategy enables your organization to mitigate cyber risk, ensure data availability, control costs, and meet regulatory challenges. Get started today, before your organization experiences a breach, fails an audit, or faces a lawsuit.